New Delhi: The entrepreneur behind a high-profile effort to rescue Indian carrier SpiceJet has asked for more time to finalise funding plans, a government official with direct knowledge of the matter said on Monday.
Ajay Singh, who helped set up the low-cost airline in 2005, had been expected to submit a plan on Monday. The official said Singh had instead sought two to three more weeks to finalise the plan.
Singh is in talks with US-based private equity investors to lead a turnaround of SpiceJet. The government official said funding discussions were taking longer than expected due to the Christmas holidays.
It was not immediately possible to reach Singh for comment.
SpiceJet, India's second-biggest budget carrier and fourth overall in November, has been struggling for months. Last week it was briefly forced to ground its fleet after suppliers refused to refuel planes.
22/12/14 Reuters/Economic Times
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Ajay Singh, who helped set up the low-cost airline in 2005, had been expected to submit a plan on Monday. The official said Singh had instead sought two to three more weeks to finalise the plan.
Singh is in talks with US-based private equity investors to lead a turnaround of SpiceJet. The government official said funding discussions were taking longer than expected due to the Christmas holidays.
It was not immediately possible to reach Singh for comment.
SpiceJet, India's second-biggest budget carrier and fourth overall in November, has been struggling for months. Last week it was briefly forced to ground its fleet after suppliers refused to refuel planes.
22/12/14 Reuters/Economic Times
